80k in debt over the last 10 years!!

iwasyoungandstupid

Hi

I am new to this site but wanted to see if anyone could provide some advice. Over the last 10 years i have managed to get myself in 80,000 worth or debt (credit cards / loans).

I have tried to go into hiding for the last few years but have finally reaslised i need to deal with this as i will never have a real life if i dont. I even went to the extend of disappearing abroad for 2 years but decided again that this was still just buring my head in the sand.

I earn 30k a year, I am not married, have no dependants, no savings or assets, nothing....ive looked on a few of these forums and my total debt just seems to be so high compared to anyone elses and i think thats worrying me more than anything. About a 3rd of the debt was built up just trying to pay my monthly bills and it just kept spiraling until i just couldnt deal with it mentally anymore and had to block it out......But as i say, i now want to deal with this.

I have a feeling im going to have to go bankrupt but because of the size of the debt am worried that i will be made an example of perhaps and have a black mark against my name for 15 years

I apologise for rambling a bit here, but any advice, tips etc would be hugely appreciated.

antk4

Me and my oh also have over 80000 of debt. We started a DMP with CCCS in March and can honestly say its the best thing we've done. Hopefully it will be paid off in 5 years time. Not sure if this helps.

Tixy

Hi and welcome

Difficult to say whether bankruptcy would be the right option for you just based on the information you have given. Probably the first couple of steps would be to complete a statement of affairs to show your current income & expenditure and your debts etc http://www.makesenseofcards.com/soacalc.html and to have a read of this The Big Guide to Becoming Debt Free.

If you are posting your statement of affairs on here it would probably also be useful to know which debts, if any, you are currently repaying and if there are any you are not repaying then detail when you last paid them/heard from a DCA and which have CCJs etc.

Its also likely you'll need some professional advice on this level of debt so this link is also likely to be useful IMPORTANT - Where to seek professional impartial advice about your debts.

kiwikaz

Hi and a big warm welcome.

Believe me you're not on your own.
I've been, along with now my OH young and stupid. Continued spending on credit cards. Consolidated with loans and remortgaging also along the way to get shut of our unsecured debt.We've still the mortgage to sort after that coz we're on interest only and obviously our mortgage has increased ! :eek:At the moment we've obviously no savings except for emergencies.
Our LBM came just over a year ago now when we couldn't carry on anymore. Our combined unsecured debt totalled £ 90k. To date we've managed to pay off about 10 %.
Currently I'm not workng due to ill health so we're down to just one salary. We've also 2 young children.

Right. The situation you now face " CAN " be sorted.
We contacted the CCCS. They will discuss your options with you. You could in the first instance do their on-line debt remedy to give you an idea.
We went ahead with CCCS and their DMP. They've been great.
Payplan are also recommended often on here as well as Nationaldebtline but whatever you choose to do please please stay away from fee charging debt companies.

Post up your SOA and other DFW's will be along to help.

Good luck. Chin up.
Karen.

RAS

Hi

Some of the these debts may be statute barred. Any that you have not paid or acknowledged in the last 6 years (5 years if the debt was taken out in Scotland)

Jules28

Hello,

I have a huge amount of debt too so you're really not alone (check my signature). I am mid 30s, don't own a house (had to sell it), my OH and I can't afford a wedding or to start a family (I do have a stepson by my OH though who is with us often) - so sometimes when I think about things like that I feel very down. On the other hand, most of the time I feel good about paying it off and the weight that came off me when I started my DMP felt great as I was actually doing something about my situation.

There are tons of people on here who can give you great advice (I am a just a learner!) so don't feel you're alone or that there isn't a way out of the situation.

Jules.